Gujarat-based solar energy company, Onix Renewable, has announced plans to raise Rs 1,000 crore through an initial public offering (IPO) by July 2025. The IPO aims to achieve a market valuation of Rs 10,000 crore, with the company set to dilute 10% of its stake, reducing promoter ownership from 72% to 62% post-listing.
- Growth and Evolution
Founded in 2007 as a transmission and distribution contractor, Onix Renewable has grown into a key player in the solar energy sector. The company has expanded into solar module manufacturing and independent power production (IPP). With an engineering, procurement, and construction (EPC) portfolio exceeding 1,200 MW and 2,525 MW of IPP projects—primarily under the PM-Kusum scheme—Onix is well-positioned for future growth.
- Purpose of IPO Funds
The funds raised through the IPO will be used to expand Onix Renewable’s solar energy projects and strengthen its business operations. A portion of the investment will go towards equity infusion and working capital for its EPC business. The company currently holds an order book worth Rs 14,000 crore, covering solar, hybrid, and battery energy storage projects.
- Financial Performance & Market Valuation
Onix Renewable has already secured pre-IPO funding and preferential sales. Previously valued at Rs 6,250 crore, the company is now targeting Rs 10,000 crore through its IPO. By March 2025, Onix expects to reach a revenue of Rs 1,200 crore. According to COO Hardik Adhiya, the company plans to file its Draft Red Herring Prospectus (DRHP) between the second and third weeks of March.
- Expansion in Solar Module & Cell Manufacturing
Onix Renewable began solar module production in 2020 with a 100 MW capacity, now being scaled up to 2,400 MW. The company is also entering solar cell manufacturing, with an initial 1,200 MW production capacity. The first phase of this project is set to launch in May 2025, followed by the second phase in December 2025.
- Green Hydrogen Initiative
Recognizing the potential of green hydrogen, Onix Renewable is investing Rs 30,000 crore in a large-scale project with a production capacity of 100,000 metric tons. While India lacks a comprehensive green hydrogen policy, Gujarat has introduced a land allotment scheme. Onix has applied for 20,000 acres in the Kutch region and is ready to proceed once government regulations are finalized.
- Global Expansion Strategy
Currently focused on the Indian market, Onix Renewable is expanding internationally. The company has established a subsidiary in Thailand and is in the process of setting up operations in Brazil. Additionally, Onix has registered a company in the United States and is in advanced talks with local partners. Once production scales up, Onix aims to export solar modules globally.
- Future Outlook
With robust financial backing, aggressive expansion plans, and a growing role in India’s clean energy transition, Onix Renewable is positioning itself as a key player in the renewable energy sector. The upcoming IPO and international expansion efforts are expected to drive significant growth in the coming years.